Dapper Labs Cuts 22% of Staff as NFT Market Craters

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The crypto bear market continues to drag down the web3 job market, with dapperlabs the latest firm to announce layoffs. thesamreynolds reports.

One of the biggest names in the Non Fungible Token industry is dramatically reducing its headcount as the crypto bear market continues to take a toll on Web3 companies., announced today that it is laying off 22% of its staff, citing the"macroeconomic environment."

"These reductions are the last thing we want to do, but they are necessary for the long-term health of our business and communities.

"The refocusing of our organization will let us achieve every milestone sustainably: web3-native, mobile-first, and community-driven," Gharegozlou wrote. At the same time, on-chain data shows that market interest in Dapper Labs' products is declining, following a broader trend of investors shying away from NFTs., October sales volume came in at $2.6 million, down from $40.8 million during the same time last year. During the height of NFT mania, the NBA Top Shot marketplace generated $224 million worth of NFT trades in February 2021 across 80,822 unique buyers and 1.2 million transactions.

Dapper Labs' layoffs are just the latest in a wide range of headcount reductions across the industry. In recent weeks firms like

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Dapper Labs' Feldman: 'A difficult day' as company lays off 22% of staffDapper Labs laid off up to 22% of its workforce as the company restructures amid a relative downturn in digital asset marketplaces.
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